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Before getting into the claim process of an endowment plan, you should first know what is an endowment plan.
An endowment plan is a popular tool of investment that offers life coverage along with offering long-term security of your funds. It is a policy that allows guaranteed returns and serves the purpose of your financial goals.
With a new endowment plan in hand, you can achieve monetary goals like the education of your children, marriage of your children, financial security of the family, wealth accumulation over a long period of time and so on. On top of that it also allows tax benefits and exempt your capital from tax at maturity. So, you can save tax with an endowment plan as well as you don’t have to pay tax for the money that you receive once the policy matures.
Further, since it is a long term investment, it allows the investor to preserve the money for long and pass it on to your children without any tax liability.
If the insured dies during the tenure of the endowment plan, his/her family needs to file a claim so that the death benefit can be received. Here is the process to claim the death benefit.
Fill the Claim Form – The first step, of course, is to fill the form of claim that you need to submit to the insurer in a proper way with proper details. Along with the form you also need to submit some other documents to start the claim process. The claim form should be duly signed by the nominee of the policy.
Below are the other documents that are required:
Also Read: How To Save On The Premium Of Endowment Plans
Once the nominee submits the form and the other required papers, they get verified by the insurer. Once the verification is successfully done, the claim amount is provided to the nominee.
So, now you know that it is very easy to claim an endowment policy and if you submit the right papers, you can get the claim amount in no time.
Let’s check the process of buying an endowment plan, especially to help the beginners who are unaware of the process.
An endowment plan can be bought either online or offline. If you are interested in buying an endowment plan, you must first fill the application as well as the proposal papers. Along with filling these papers, you also need to submit some documents. So, you must ensure to keep the required papers handy as they are necessarily required to purchase an endowment plan.
Below are the various documents needed to submit to the insurer to buy an endowment plan. These documents can be submitted offline at a branch office of your insurer or online through the company portal.
Also, don’t forget to provide all the original documents to the insurer. This is because if any inconsistency is found the insurer might cancel your application.
Investing in a best endowment plan is definitely the perfect way to secure your future and that of your family members. However, it is equally important to check the claim settlement ratio of the insurer you are planning to buy the insurance from. This way you will get to know your insurance company and how easy or difficult it is to get a claim released. You can choose a single premium endowment plan as per your requirement and use the LIC single premium endowment plan calculator to help you estimate the premium of your plan.
Further, make sure to read the terms and conditions of your policy papers before signing on the same to ensure 100% safety.
Also read: 10 Best endowment insurance policies in November 2022-23 | Endowment Policy or Term Insurance Policy | Pure Endowment Insurance Policy – What Does Pure Endowment Plan Mean and Its Features?
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This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
An endowment policy is a type of life insurance policy designed to pay a lump sum on maturity or on death.
An endowment plan comes with tax benefits because the payable premiums as well as the main plan benefits (sum assured and the maturity proceeds) are eligible for tax-exemption under Sections 80C and 10D of the Income Tax Act, 1961.
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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